573.037 - Deposit in lieu of bond: Amount; action for recovery against deposit; retention by Department. - Nevada Statutes

573.037  Deposit in lieu of bond: Amount; action for recovery against deposit; retention by Department.

      1.  As authorized by subsection 3 of NRS 573.030, in lieu of filing the bond described in NRS 573.033 or 573.035, the applicant may deliver to the Director the receipt of a bank, credit union or trust company doing business in this state showing the deposit with that bank, credit union or trust company of cash or of securities endorsed in blank by the owner thereof and of a market value equal at least to the required principal amount of the bond, the cash or securities to be deposited in escrow under an agreement conditioned as in the case of a bond. A receipt must be accompanied by evidence that there are no unsatisfied judgments against the applicant of record in the county where the applicant resides.

      2.  An action for recovery against any such deposit may be brought in the same manner as in the case of an action for recovery on a bond filed under the provisions of this chapter.

      3.  If any licensed operator of a public livestock auction for any reason ceases to operate the auction, the amount of money or securities deposited in lieu of a bond must be retained by the Department for 1 year. If 1 year after the cessation of the operation, no legal action has been commenced to recover against the money or securities, the amount thereof must be delivered to the owner thereof. If a legal action has been commenced within that period, all such money and securities must be held by the Director subject to the order of a court of competent jurisdiction.

      (Added to NRS by 1965, 382; A 1993, 1751; 1999, 1514, 3691; 2001, 91)